1. What is law? Give the main characteristics

45. Give the main characteristics of a private company
A private company, also known as a privately held company or close corporation, is a business whose shares are not traded in a stock market, as opposed to a public company.
46. Give the info about “sole trade”
Sole Trading Concern is an informal type of Business Organization which is owned, managed and controlled by an individual
Features of Sole Trading Concern are –
-Minimum Government Regulations (Doesn't require any registration)
-Liability of the owner is unlimited
-Freedom in the selection of business. Hardly any restriction on type of a business that a sole trader can do
-Highest Secrecy- Sole trader doesn't have to share his financial or any other business secrets to anyone
-Single Ownership and Management
-Direct Contacts with the customers and employees
-Suitable for small businesses
-No sharing of profits and risks.
47. Give the main characteristics of a “joint stock” company
A Joint Stock Company is voluntary association in which people contributes with capital in the forms of shares to carry on a certain type of business for earning profit”. Company operates in its own name under a common seal. It has separate body from its members. Below this post is all about the characteristics and features of joint stock company.